OK so we have now seen the trillion dollar bailout of the Greek fantasy economy, what does this mean for the rest of the Eurozone and Bulgaria in particular ?.
The implications are actually quite serious, Greece as a Balkan state is a major investor in Bulgaria, for instance Piraeus Bank is a major player here.Greece's public debt has now been downgraded to 'junk bond' staus, this means that the interest rates on repayment are very high, as the risk is assessed to be greater. All Greek related assets are as a result tainted with this crisis.
Bulgarias economy has suffered a body blow with the news that the outgoing governmemnt borrowed and spent substantially in its last few weeks in office, coupled with the Greek news its not good, but the big players in the Eurozone cannot afford to mess the Greek situation up.
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